If you're looking for CDs with maturities under 1-year, you might be in for a shock when you compare rates. Interest rates are very low these days for short-term CDs. The best 9-month CD that I've found that's available nationwide is at Easthampton Savings Bank which is offering a 1.35% APY. The only other competitive CD rate listed is a 2.00% APY 3-year CD. Minimum deposit is $1,000. These rates are listed in the bank's deposit rates page as of 10/24/2010.
As a comparison, this is 10 basis points higher than the second best nationwide 9-month CD yield, 1.25% APY at One West Bank.
East Hampton Savings Bank is based in Massachusetts, but the CD can be opened online. Through the online chat, I was told by the bank's CSR that the CD can be opened by people in any state. In the online application, you can fund the CD with an ACH transfer. Once the funding is done, you will recieve a welcome package from the bank. You have 5 days once you start the application to fund the CD to make it active. Rates can change at any time, but they are typically updated on Thursdays.
At maturity, there's a 10-day grace period. If you want to close the CD, they require a written letter. They can send you a check or they can do a wire transfer ($20 fee). Banks often make it easy to open a CD with an online application, but they don't always make it easy to close the CD and receive the funds. That seems to be the case with this bank.
The bank's overall health score at DepositAccounts.com is 4 out of 5 with a Texas Ratio of 3.93% (excellent) based on 6/30/2010 data. Please refer to our financial overview of Easthampton Savings Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90188).
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To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.